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A business pays biweekly salaries of $20,000 every other Friday for a 10-day period ending on that day. The last payday of December is Friday, December 27. Assume the next pay period begins on Monday, December 30, and the proper adjusting entry is journalized at the end of the fiscal period (December 31). The entry for the payment of the payroll on Friday, January 10, includes a:

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Answer:

Entries for December 31:

20000 x 2/10 : $4000

Dr salary expense : $4000

Cr salary payable : $4000

Entries for January 10:

Dr salary expense : $16000

Dr salary payable :$ 4000

Cr cash : $20000

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